Oyo plans to lay off 600 executives across its technology and product teams as it shuts down projects and merges teams. It is hiring 250 executives in sales, the company said in a statement on Saturday.
“Oyo is downsizing its product and engineering, corporate headquarters and the Oyo vacation homes teams, while it adds people to the partner relationship management and the business development teams. Oyo will downsize 10% of its 3700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees,” the company said in a statement.
It is merging its product and engineering teams for smoother functioning, the firm said.
“The downsizing in tech is also happening in teams which were developing pilots and proof of concepts such as in-app gaming, social content curation and patron-facilitated content. Additionally, members of projects which have now been successfully developed and deployed such as ‘Partner SaaS’ are being either let go or are being redeployed in core product & tech areas such as AI-driven pricing, ordering and payments,” the company said.
As the integration of various functions of its European vacation homes business progresses, it is downsizing some parts of the business to increase efficiency and harness synergies. The company said it has also reassessed its corporate headquarters base afresh and is merging congruent roles and flattening team structures where needed.
It will help place as many employees as possible and provide medical insurance of up to 3 months on average, it said.
Separately, it will be adding 250 members primarily in its relationship management teams to ensure better consumer and partner satisfaction and in business development teams to help scale up the number of hotels and homes on its platform, the company said.
“We will be doing all that we can to ensure that most of the people we are having to let go are gainfully employed. Every member of the Oyo team and I myself will proactively endorse the strength of each of these employees. It is unfortunate that we are having to part ways with a lot of these talented individuals who have made valuable contributions to the company. As Oyo grows and a need for some of these roles emerges in the future, we commit to reaching out to them first and offering them the opportunity.” Ritesh Agarwal, Founder and Group CEO, Oyo, said.
